The company is likely to open 2-3 stores per year as it has already started the project in Mumbai and is looking at acquiring land parcels in Bengaluru and Delhi-NCR.Ashish Kulshrestha | ET Bureau | August 12, 2016, 08:10 IST

HYERABAD: Swedish furniture maker Ikea laid the foundation stone for the first of its 25 stores planned in India in Hyderabad on Thursday that’ll employ 2,000 people directly or indirectly. The company plans to have 25 stores in India in 10 years in cities like Mumbai, Delhi and Bengaluru.

The 4 lakh square feet facility will entail an investment of Rs 700 crore and will be operational by 2017. The ceremony was attended by Ikea India chief executive officer Juvencio Maeztu who hailed the passage of GST (goods and services tax) Bill and said that it will help improve the free flow of goods across the country and will resulting in lowering of prices.

“GST is fantastic and I have great confidence and trust on this system,” said Maeztu, adding that the passage of the bill will be good for the consumer and good for the business as it will lower the prices.

The company is likely to open 2-3 stores per year as it has already started the project in Mumbai and is looking at acquiring land parcels in Bengaluru and Delhi-NCR. The investment in Mumbai facility will be around Rs 1,500 crore.